Australia's Nickel Industries rises on raising stake in Indonesia project

Nickel Industries

29/12/2023 01:23

** Shares of Nickel Industries  NIC.AX  rise as much as 3.7%
to A$0.695, set for best day since Nov. 2 if current gains hold 
    ** Stock hits its highest level since Dec. 15 
    ** Co says it acquired an additional 8.25% interest in the
Excelsior Nickel Project in Indonesia, increasing its stake to
13.75%
    ** Says it increased stake by paying $189.8 mln to acquire
shares in Excelsior International Investments, the owner of the
nickel project and a Singaporean incorporated holding company 
    ** NIC shares on track for best week since Nov. 3 with a
gain of 3% so far
    ** Stock has fallen ~28.9% so far this year

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))